Bitcoin Forum

https://www.jpmorgan.com/global/Quorum

https://www.coindesk.com/jamie-dimon-bitcoin-fraud/

I thought JP Morgan Chase CEO hates Cryptocurrency and bitcoin is  'fraud'. What is this?

JPMC want their own crypto to replace BTC ? :)

I don't think people will buy theirs because he already spoke negatively on cryptocurency

I do agree. But i think it would be interesting if some journalist tried to confront this d*bag with this evidence of lies.

They don't hate cryptocurrencies, they just want to make their own private version of it. That right here is the result of the widely praised Enterprise Ethereum Alliance -- corporate, permissioned blockchains that have little to do with the dezentralized cryptocurrencies we know and love.

He should be careful what is bashing upon so that he can benefited like ripple.. I think he underestimated the power of internet users. If he just embraced it, he could be a big endorser. sorry to him.

the article from coindesk clearly says " he said that the cryptocurrency would "not survive" back in November 2015 when the price was fluctuating around the $400 level."
"Dimon later added that the cryptocurrency "will blow up," according to CNBC. It was also during that appearance that said that he would terminate any trader that he found to be trading bitcoin for being "stupid."" from coindesk article.

He pointed cryptocurrency not just bitcoin. Then my assertion is why he created his own version of crypto.. it is self denial.

They badmouth crypto to scare people away until they figure out some way to gain control of the market

JP Morgan sees BTC as a thread for him and his company. He's part of the old bank system and he perfectly knows that BTC will eat his lunch one day or another!

Glad that enough people see through it.

I don't think he cares about small investors in BTC, he's trying to scare away large institutional investors.  Granted, the amount of volatility at present is a cause for many of them to not get involved to begin with, but I am aware of a couple sizable investors with a toe in the water position in BTC.

He wants to nip that in the bud.

I would totally understand if he is cohesive like many other friends are still negative.

That makes sense. A small ant like me is nothing to comment about it.

Big banks see decentralised cryptocurrencies as a threat to their very existence. And they're right. They are. They FUD and talk it down so that they can keep their control (and even roll out their own versions of crypto that they control and can profit from.

Hold and buy and we will all be fine.

I see this as an ICO project. I do not know whether JPMorgan wants to launch an ICO project. this may be a trick from JPMorgan after saying if bitcoin is fraud, then they launch its ICO

Actually he is big lier that why he is saying like that. He might launching his own coins that's why he is going against bitcoin.

Oh yes. Bitcoin is a scam but JPMorgan coins are the bomb! An alt coin by convicted scammers, what could go wrong?

You know how banks work. They are fraud therefore they lie and call Bitcoin a fraud as they invest.  ;D

Throw him out of bitcoin, some months before Avast's MD said that bitcoin powerful medium in the world that does not spread like this but these idiotic information turn out the huge rumours about bitcoin in this forum itself. I expect signature campaign managers and moderators should ban the digital currency trollers from the forum completely.

As there is no patent on the blockchain technology, added to the fact that it's open source, he can use it in his banking system, I guess.

I can sort of understand his sentiment he might thought he lost the chance. but if he knows the technology, there are tons of opportunity he can get in. But bashing on crypto will not work that way. I hope he can apologize and reset his position.

I believe the recent statement about Bitcoin is fraud is some marketing strategy belittling competitor and throwing accusation so that some weak supporters and people who really do not know Bitcoin will  avoid it and instead support their project.  This is normal as marketing dirty tactic of removing people's trust to its main competitor to gain favor to these people.  Then after sometime they will launch their own and invites these people to support their project.  This is all business I believe.

In an ideal world, that would be understandable. But you see, if he would do that, it would cause huge ripples through the financial system, shattering the FIAT markets, thus affecting the price per share of the bank that he represents. He's a smart man so he would not want to risk that kind of behaviour, because he's in for the money, not for being a nice person.

True, he is all business, he does not care if he is telling the truth or not.  What he cares about is his earnings and commission.  How could they call Bitcoin fraud and at the same create their own blockchain technology, they should have avoided it in the first place but guess what, they also want a piece on that pie.  So in order to gain popularity and people trust to their upcoming project, they have to discredit Bitcoin.

everything leads one to believe that this is a great strategy ;D

Then, it sounds crypto is the future of the currency to invest when we analyzes his contradictory statements, which he denied the crypto but creates his own by big investors. At least, he should have hidden jpmorgan crypto for a while.

15 - 20 years from now we will look back and laugh as big bankers like this go the way of the record industry after MP3s happened.

but my question is can they create such supreme currency like ethereum. As far as I know, all the smart people will go work for the start-up or existing platform rather than working for the company. What motivates the talented guys would work under the fixed salary rather than be a big shareholder? I think most smart people already jumped into crypto and/or seek the opportunity not for the company. So, it is hardly they can produce the decent projects.

Let's crowd source the destruction of Quorum.  :-*

The CEO of JPMorgan, Jamie Dimon, called bitcoin a fraud while speaking at a bank investor conference in New York on Tuesday. “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart,” he said.

Source: https://www.coinspeaker.com/2017/09/13/bitcoin-price-drops-below-4000-as-news-uncertain/

This is nothing new, i think what they arr trying to do, is what mark cuban had did, and that is to influence people, at first they bad mouthed bitcoin,next they bought bitcoins at a low price , it went down, especially from those who have weak hands, who automatically sell, and thrn they create theit own crypto coin, i think this is becoming a strategy of people who are on power, who knows that they are influential, and us, as a community we should already understand their strategy, it is true that china's btcc temporary shutdown, made an impact, however people from jpmorgan arr trying to capitalize on it, and we could not blame them, since bitcoin is a great investment and so arr altcoins. I think the best strategy to do now is still hodl,but if you have extra cash, i would suggest you to buy, since it want on sale already, and sooner or later, it will again rise, and we can consider it as expensive.

True,  they are doing this probably to have a better position when they enter Bitcoin Market.  Or probably they are already inside the Bitcoin market and shorted their trades when Bitcoin peaked.  Then they wanted to profit from that shorting, so the FUD came.  I believe they have an intel inside every country's finance institution and had learned that China will show some hostile action against cryptocurrency.  Knowing Bitcoin will plummet, they shorted and to add more damage FUD bitcoin as well.  I believe they are now enjoying buying cheap bitcoins in the market.

They are worried about capital flight. JPMorgan would love nothing more than to be able to control the blockchain too.  Problem is ---> WE WONT LET THEM so they're going to try to kick the ball over the fence so nobody can play. Smart libertarians already know this, so they're not buying the FUD ---> weak hands got in during the media hype and now their running during the FUD ---> the base is holding tight, so don't trip ---> let the big bankers keep their dirty paper ---> we don't need it anymore anyway!

The world's most common mantra is:

"Do as I say, not as I do"

Even Jamie Dimon's daughter bought bitcoin.

This is the problem with the bitcoiners. None, none of the folks who commented on thread knew that blockchain and crypto coins are different things. Blockchain is great, crypto currency is bad, very bad. Such ignorant investors.

Quorum is business blockchain. Most business blockchain have no coins. They don't need coins or mining.

BTC was sold by talking about the greatness of blockchain. There are many application that run on blockchains. Some good some very bad. BTC is is VERY BAD application built on the good technology of blockchain. Many ICOs fall into this VERY BAD category.

In other words, blockchain is like the Android or Windows on your phone or device. Bitcoin is a malicious app built on that platform.

Now, folks please get out of hangover of "blockchain s great and so is bitcoin". They are entirely different.

JP Morgan Quorum is perfectly valid for their business case. It has nothing to do with any other silly coins.

Very worrying thing,
I'm on the loss of $ 2000 for Morgan's Stupidity.

First lesson in investing - For all your gains and losses, the credit should go to your own abilities only.

But I do not know why bitcoin is bad and perhaps ethereum, iota, neo,  eos and so on. Aren't they smarter than them? What assumption you think they are bad silly coin? if it really bad, technological inferior, many developers could already criticize it. but I hear a lot of praise for ethereum from smartest people in the blockchain technology? give me some proof why this decentralized systems are silly. I want get educated.

I heard Vitalik is one of the smartest guy in this field. Even for him, ethereum has some issues. Then, what did make except the hard fork? I don't get it if they are not the originator like satoshi nakamoto.

Their crypto is already being regarded as a big failure. Perhaps that is the reason why the CEO vent his anger on Bitcoin. If he thinks that the decline of Bitcoin prices will make his crypto more attractive, then he is 100% wrong. Almost all the altcoins (including ETH, LTC and BCH) are dependent on the Bitcoin. Without Bitcoin, they simply can't exist.

I suspected their Quorum would be partially decentralized or not decentralized at all and am right.
Bitcoin level of Transparency and decentralization is what frustrate them the most.

I think not all ICO is equal. but such as BAT, CVC, ZCASH and so on have strong team to pursue their coins. Even some inferior could develop better one in the future. I do not know every ICO is bad.

The thing is about this guy is that he doesn't anything thing about cryptocurrency or maybe just a gold, fiat currency or whatever centralized asset that he invested. He clearly see's that bitcoin is a threat to their centralized that's why he is making some baseless statements that clearly has lack of knowledge about bitcoin. According to him bitcoin will fail or turn into a scam back in 2014 when bitcoin was still around $400 so look where it gotten now. The price value has already reach $4000-5000. One thing is for sure bitcoin is the future of money.

90% are pump and dumps but some have good use cases and good dev teams that dedicate their free time to it before it takes off and that is special.

Bitcoin and any other coin have no technical problems because they are standing on the blockchain. Vitalik or any other people who thought they could create an official currency using these blockchain application, is an extremely immature in the real world affairs. Again, technology is not the problem here. And that's why you don't see much criticism.

Problem is in designing the real world interactions which includes and banks and governments. These coins assume that they can exclude banks and governments. That's where the problem lies. You see, people need gov. Gov needs taxes to operate. Taxes need tracking of money. Also gov needs to control crime which also requires tracking of payments. The coin cult ignores all this. These are hippies or simply hackers who are happy with anonymity, pseudo innovation, the technical soundness of the coins and pulled the greedy investors by talking about tech of the blockchain.

You are seeing the result.

Dimon are to hard to bitcoin and other cryptocurrency he also incorporate it in the event happen on Europe where they say the Dutch golden age "tulip bulb" where the price of tulip are soaring high that even a poor wants to buy it until its price up in the sky and suddenly people realize that it don't have purpose and useless and then people buy out and sell all there tulip until the economic market of it collapse, this is what DIMON says and will going to the path of every bitcoin and crypto currency holder and investor, how pathetic that he creating their on crypto. Dimon is one of the influential person in Financial economic market and also in Wall street, any many bitcoiner believes in him, but he underestimate the power of internet and bitcoin that he don't know that in the wall street their many prominent person investing and holding also creating their own crypto.

That's why the CEO of JP Morgan publicly state that Cryptocurrencies. It's a form marketing strategy, once all other Cryptos are demolished it's a good time for Him to release his own Cryptocurrency the one that they can control and manipulate. JP Morgan is attacking the emotions of all the investors so that the will sell all their Bitcoin, that's why it contributes to the decreasing value of it.

Kodan, you need to actually read the articles and statements from Jamie Dimon. He thinks Bitcoin is a fraud. He thinks Blockchain technology has a promising future. Bitcoin and Blockchain are different things, so he's not contradicting himself when he makes these statements.

His support for the Blockchain also explains their Quorom entity. It's meant to capitalize on the Blockchain technology.

Other questions?

That is good to know. So, he does not against the blockchain technology. But he is against bitcoin. Does he against all the blockchain based cryptocurrency or particularly bitcoin. I am confused.

i've read the article about what he said, and i thought he is afraid now that cryptocurrency is rising even more. Sometimes people really going a bad way to make other people or things looks bad just to make his own things accepted by oyher people. And sadly, bitcoin price went down because his foolish statement.

JP Morgan are making a statement about bitcoin that it will blown up "FRAUD" that suddenly it will collapse but i hear that he and his team creating their own crypto, which is lame. Every one around him in the wall street are adopting crypto currency and also investing on it somes are making their own coin. But it was a huge factor in terms of bitcoin price where many people believe in him regarding financial aspect thats why many of us selling their bitcoin. he knows that bitcoin is a threat in their business thats why she was attack cryptocurrency and bitcoin.

As the saying goes, if you cant beat them, join them...

what a joke, can we mine quorum? I wanna mine and dump but not bump, hahaha.

Yes. Bitcoin and blockchain isn't the samething. Bitcoin is a cryptocurrency built on top of blockchain technology.
Although we are seeing blockchain technology being mainly used for Cryptocurrencies now (which I am not saying is a bad thing), you can actually make a lot of different kinds of applications on top of them.
 
However I think enterprises wanting to make applications on top of blockchain technology would really not want to make it on top of public blockchains like Etherium.
That is where private blockchains like Hyperledger fabric and Quorum are coming in.

For instance, companies who might be wanting to use blockchain apps to help then on their research on genetic engineering or sth would probably make an app on top of private networks like Hyperledger fabric or Quorum. In cases like these there are no need for cryptocurrencies.

Personally I feel the markets for Bitcoin and Quorum are quite different.

of course Bitcoin. Although there are now some altcoin accepted for payment but the number is very small and it is only accepted in a few places. Bitcoin is accepted for transaction and payment in many places, many firms, small / big shops.

I don't believe that that JP Morgan stunt will do any good, already people know about their dirty tricks to manipulate Crypto Market.

This is an example of changed mind, when the person was thinking about cryptocurrency negatively and then they are trying to eat you their own one, but I don't think that people will trust the Man who was speaking negatively and then have changed his mind.

Reading through the thread gives the idea of the reason of the negative news from JP morgan on his notion possible outcome of the ETF next year. It almost got me worried but that seem to be the only bad news have heard on ETF decision.

I really do not care about JPMorgan's opinion. Negative assessments of bitcoin and underestimation of future bitcoin development. Actually bitcoin is developing very well.